ASR Nederland N.V. (a.s.r.) and the Pensionfund for Dentists and Dental-specialists (SPT, Stichting Pensioenfonds Tandartsen en Tandarts-Specialisten) have agreed to transfer SPT's defined benefit pensions to a.s.r. subsidiary Aegon Levensverzekering N.V. The decision by SPT and the transfer of the defined benefit pension entitlements to a.s.r. is subject to the approval of the Dutch Central Bank (DNB).
SPT has approximately 6,300 participants and an asset portfolio of €1.6 billion. Through this transaction, all participants will receive a lifelong guaranteed pension that will be increased once and then annually.
The buy-out of SPT fits well in the strategy of a.s.r. and it is its second transaction this year. Earlier this year, a.s.r. also acquired the defined benefit pensions of Coram. The acquisition of closed book defined benefit pensions, a buy-out, is one of the bespoke pension solutions that a.s.r. offers to pension funds in light of the new pension system. With a robust capital position, a.s.r. is an ideal long-term partner and also distinguishes itself with its responsible investment policy, excellent service and participant communication.
Willem van den Berg, COO Life at a.s.r., is pleased and proud of SPT's trust: ‘This proposed transfer shows that a buy-out with a.s.r. is an attractive option for the management of closed book defined benefit pensions. It fits well with a.s.r.'s ambitions to further strengthen its leading position in the Dutch pension market. I am pleased with SPT’s decision to choose a.s.r. and this makes me optimistic about achieving our strategic objectives.’
Gertjan Dicker, chairman of SPT, explains the board's choice: ‘The decision to transfer our pensions to a.s.r. aligns well with the fund's objectives. a.s.r. is a reliable, financially strong party that can guarantee our pensions, and we have confidence in the operational execution and that the assets will be invested sustainably.’
SPT has already informed its participants about its decision. The DNB's declaration of no objection is expected in Q1 2025.